Global oil demand is expected to grow by 12% from almost 95mn b/d in 2017 to over 106mn b/d in 2040, according to the latest annual forecast from the International Energy Agency (IEA). This is an increase on its previous outlook, which pegged 2040 demand at 104.9mn b/d.
The agency’s World Energy Outlook 2018, published this week, says the upward revision in the demand forecast in its key New Policies scenario – in which all planned energy legislation changes announced to date are implemented – is “largely because of faster near-term growth and changes to fuel efficiency policies in the US” after President Donald Trump canceled Obama administration fuel efficiency targets. (CONTINUED - 857 WORDS)
